Skillsgroup PLC - Further re Disposal

RNS No 0915f
SKILLSGROUP PLC
1 April 1999

 
  Skillsgroup announces expert's final determination of P&P UK
                      desktop sale proceeds
 
 
Skillsgroup, the IT services and solutions company, has  received
the  final  determination as defined by  the  Sale  and  Purchase
Agreement between Skillsgroup and GE Capital IT Solutions, by the
independent  expert  of  the net assets of  the  P&P  UK  desktop
business  which  it disposed of in January 1998.   As  a  result,
there will be an exceptional charge of #1.1 million against  1999
profits in respect of that disposal.
 
In  1998 the total estimated consideration for the sale was #11.5
million  of  which #9.1 million had been received.  The  expert's
determination now means that only #1.3 million of the  previously
estimated  balance of #2.4 million will be received.   A  further
#0.4 million  of exceptional charges related to the 1998 disposal
provisions will also be taken.  The main element of this reflects
anticipated  further  progress  made  in  reducing  the   Group's
remaining  property  risks by achieving a  sub-let  of  the  last
significant  ex-P&P UK property.  This is expected  to  be  at  a
level slightly below the estimate made previously.
 
The  1998 estimate of consideration for the disposal was  arrived
at  after  careful  consideration and  in  conjunction  with  the
Group's   professional   advisors.   It   was   considered   both
appropriate and prudent based on the information available.  This
is  the last chapter of 1998's significant disposal programme,  a
programme  which  laid  the foundations  for  the  very  positive
developments which the Group has been able to announce in  recent
weeks.
                                

                                
For further information, please contact:
 
Skillsgroup plc                      
Colin Gibson                         (until 11am)  0171 253 2252
                                    (thereafter)    01625 591200
 
Ludgate Communications Ltd
Reg Hoare                                          0171 253 2252
 
 
 

END

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